KUALA LUMPUR, Jan 27 (Bernama) -- Bursa Malaysia finished in the negative territory today dampened by subdued trading observed across the board ahead of the upcoming Chinese New Year (CNY) festive holidays, said an analyst. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 14.76 points, or 0.94 per cent, to end at its intraday low of 1,558.97 compared to Friday’s close of 1,573.73. The benchmark index opened marginally lower by 0.42 of-a-point at its intraday high of 1,573.31 and moved in a downtrend path towards closing. Market breadth was negative with decliners thumping gainers 782 to 235, with 415 counters unchanged, 916 untraded and 60 suspended. Turnover narrowed to 2.76 billion units valued at RM2.38 billion compared to 3.0 billion units valued at RM3.06 billion registered last Friday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan noted that the thin trading volume today indicated a clear retreat by investors ...
Russia is pushing for the creation of a new multicurrency payment system within the BRICS group to reduce reliance on the US-dominated global financial system. This initiative comes as Russia seeks to protect its economy from Western sanctions and develop alternatives to traditional cross-border payment networks like SWIFT.
A report prepared by Russia’s Finance Ministry, the Bank of Russia, and Moscow-based consultancy Yakov & Partners outlines proposals for the BRICS nations (Brazil, Russia, India, China, and South Africa) to conduct transactions in local currencies and establish direct links between central banks. The goal is to create a payment system that shields participants from extraterritorial sanctions and ensures their financial sovereignty.
The proposal also includes the establishment of trade centers for key commodities such as oil, natural gas, grain, and gold to further strengthen economic cooperation within the bloc.
In addition, Russia is advocating for the use of distributed ledger technology (DLT) or a new multinational platform for cross-border settlements using tokens, which could reduce transaction costs and eliminate the credit risks associated with traditional banking setups.
Despite Russia’s push, other BRICS countries continue to prioritize access to the dollar-based financial system, which still dominates global payments and trade. As of 2022, 58% of international payments and 54% of foreign trade invoices involve the US dollar.
The report comes ahead of the BRICS summit to be held in Kazan from Oct 22-24, which will bring together leaders from the bloc and its newly expanded members: Iran, the UAE, Ethiopia, and Egypt.4o
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